SpaceX shares collapse to IPO price, short sellers pocket $8.7B
In brief
- SpaceX IPO'd June 12, 2026, at $135/share, raising $75 billion in capital.
- Shares peaked at $225.64 in early June (67% gain), then surrendered all gains by mid-July.
- Short interest surged to 28% of float, up from 5-7% at IPO, as bears accumulated $8.7B in paper profits.
- SpaceX announced $60B acquisition deal and senior unsecured notes offering post-collapse.
The Peak and the Collapse
SpaceX went public on June 12, 2026, at $135 per share, raising approximately $75 billion in total capital. Shares peaked at $225.64 shortly after the June debut, a gain of roughly 67% from the offering price. By mid-July, the stock had given back essentially all of those gains, trading at or below the $135 IPO price for the fourth consecutive session. The stock touched an intraday low of $132.15, briefly dipping below the level at which it priced.
The speed of the reversal caught many by surprise. What looked like a stable tech IPO in June turned into a sell-off that accelerated sharply through mid-July.
Short Sellers Capitalize
Short interest in SpaceX climbed to an estimated 28% of the tradable float, up from 5% to 7% in the days around the IPO. Short sellers had accumulated roughly $8.7 billion in paper profits as of July 16, 2026, after SpaceX shares fell back to their IPO price. Bloomberg reported that short sellers had already booked around $3.88 billion in profits just one day before the $8.7 billion figure was reported, meaning the bears added nearly $5 billion in a single day as the sell-off accelerated.
The velocity of those gains underscores how volatile the stock had become.
Debt and Acquisition Plans
SpaceX disclosed plans for a senior unsecured notes offering, signaling intent to take on significant new debt after raising $75 billion in equity. The company also announced a $60 billion acquisition deal structured heavily around stock-based transactions. The combination of heavy debt issuance and a large stock-funded acquisition may have spooked investors already nervous about the company's valuation after the rapid post-IPO surge.
